Franchising allows the silver economy to invest in themselves, and have an active hand in their own success.” Occhiogrosso adds, “Older Americans are one of the fastest-growing segment of franchise buyers. The percentage of adults 50+ who are franchise owners has grown from 20 percent in 2010 to an estimated 35 percent in 2020.
Photo by Simon Wijers on Unsplash
Franchising: The Best Investment Older Americans Can Make?
Over 10,000 Americans turn 65 every day (*1) and by 2030, it is estimated (*2) that the entirety of the Baby Boomer generation will be over the age of 65. For corporations, this older workforce presents challenges. An estimated 41% workers over the age of 60 choose to work well past age 65 for social or financial reasons (*3). Many companies would prefer to clear the way for younger, less costly employees, and as a result, more than half of older U.S. workers are being pushed out involuntarily, or are being asked to take a voluntary early retirement. (*4)
For these still active workers, and especially those with a large buy out in the bank, franchising may be a viable Act II. “Many adults by age 60-65 have an investment or retirement portfolio of stocks and bonds,” says Gary Occhiogrosso, Founder and CEO of Franchise Growth Solutions LLC, a New York-based strategic planning, franchise development and sales organization. “That means that for years mature adults have basically invested in other businesses, passively counting on the success of those businesses for their own financial success. Franchising allows the silver economy to invest in themselves, and have an active hand in their own success.” Occhiogrosso adds, “Older Americans are one of the fastest growing segment of franchise buyers. The percentage of adults 50+ who are franchise owners has grown from 20 percent in 2010 to and estimated 35 percent in 2020.”
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The appeal of a franchise for an older American looking to take an active role in their own business, includes:
Benefit from the success of an established business
– Almost like a business in a box, when you align with a successful brand you are buying the benefit of their established brand, and their marketing, distribution and supply chain.
Choose a franchise concept and size that works for you
– Today, there are franchises of every size and budget. Most important is to find a concept you can get behind and champion.
Take advantage of a franchisors image, marketing, and location services
– In addition to speed to market, when you invest in a franchise, you are buying into a proven concept and a proprietary operating system. Rather than DIY, a franchise means in-depth training and hands-on support in every aspect of the business: from financing and location to store design and local marketing.
Franchising lessens the obstacles of financing through a bank
Many franchisors are registered with the SBA (Small Business Administration) thus reducing SBA obstacles to getting financing. Lenders take into account the franchisor’s experience and reputation when deciding whether or not to lend money.
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Work the system to make it work for you
– Many older workers have been successful by following a system or way of doing business. Adapting to a proven formula helps you avoid costly small business mistakes. Once you are up and running you are no longer working the system, the system will be working for you.
Long term growth
– Franchising can offer a shortened timeline to profitability. The structure a franchise offers lessens the learning curve, allowing you to get up to speed faster. Once you have the brands system working for you, you can think about expanding to become a multi-unit franchisee.
Fulfill a lifelong dream
– Nearly two-thirds of Americans would rather have their own business than to work for someone else. The idea of starting a business from scratch can be intimidating, but a franchise provides a proven model of success and unmatched support.
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Create a legacy
– In addition to creating an asset, successful franchisees create a legacy for their families. Older franchisees can pass on their business to their children as a growth opportunity and enjoy continued income during retirement. If you do decide to sell, most franchisors will help you locate a new buyer and assist with the arrangements.
Occhiogrosso, who has over 30 years experience in selling and marketing brand name franchises, states, “As the saying goes; If you want to go into business for yourself but not by yourself, then franchising is a great option. This is especially true for experienced older people looking for an exciting and rewarding Act II.”
For more information on franchising over fifty, visit the Franchise Growth Solutions website at www.franchisegrowthsolutions.com or call 917.991.2465
ABOUT FRANCHISE GROWTH SOLUTIONS, LLC
Franchise Growth Solutions, LLC is a strategic planning, franchise development and sales organization offering franchise sales, brand concept and development, strategic planning, real estate and architectural development, vendor management, lead generation, and advertising, marketing and PR including social media. Franchise Growth Solutions’ proven “Coach, Mentor & Grow®” system puts both franchisors and potential franchisees on the fast track to growth. Membership in Franchise Growth Solutions’ client portfolio is by recommendation only.
For information on Franchise Growth Solutions or any of its franchise opportunities, please contact Marisa Rae at 917.991.2465 or via email at [email protected]
Sources: (*1) Yahoo Finance 2018 (*2)AARP (*3) Gallup Poll 2018 (*4) ProPublica